It is reported that Ryanair has instructed its pilots to slow down in order to reduce fuel consumption.

The latest initiative is to further cut costs by the famously frugal airline. Two minutes will be added to every hour of flying but will knock 15% off the airline’s fuel bill.

Howard Miller, chief financial officer, told the Financial Times: “We’re flying slightly slower, but what we’re seeing is we’re burning less fuel. Fuel is our single biggest cost, so we have a proportionally bigger problem than everybody else from these higher fuel prices.”

The move coincides with Ryanair’s latest financial figures which reveal a profit fall of 21% in the first quarter.